How Wall Street Associate Indrayan Ghosh Evaluates Companies For Long-Term Success

Indrayan grew up in Mumbai in a middle-income household, where financial independence was his earliest idea of success. He started investing soon as he turned 18 after self-teaching accounting and valuation. What fascinated him was the idea that capital could work for him while he slept. Once he saw the power of compounding in action, he knew he wanted to dedicate his career to investing.

Indrayan believes in going deep. “Conduct deep research in a select few quality companies, buy them at reasonable valuations, and then hold them long-term while they compound” . His concentrated approach reflects his conviction that wealth creation comes not from trading in and out, but from identifying truly exceptional businesses and holding them for the long term.

At the heart of his framework; “Quality means a company that can sustain high ROE and ROIC and reinvest excess cash flows over long periods of time. That’s usually the sign of an economic moat.”

Moats, or durable competitive advantages, are what excite Indrayan the most. They could come from network effects, patents, brand, switching costs, or economies of scale that competitors can’t match. “The market often underestimates how resilient moats can be,” he says.

One of the concepts Indrayan emphasizes is time arbitrage — benefiting from the market’s short-term focus by taking the longer view. Public markets are often dominated by short-term noise—quarterly earnings, temporary macro headwinds.

“Businesses go through cycles. Temporary headwinds can depress valuations even when the underlying competitive advantage remains intact. If you can invest during those moments of pessimism, your return profile benefits twice: once from the compounding of the business itself, and again from multiple expansion when the market eventually re-rates the stock.”_ It’s a patient strategy that has worked for him.

Indrayan’s professional journey spans both public and private markets, having worked across hedge funds, mutual funds, and private equity firms. Each stint, has informed his investing lens. “I’ve worked across both, and while private equity gives you a sense of transaction mechanics, public markets are where my passion lies. The ability to reallocate capital quickly across ideas, and to take advantage of every mispriced opportunity, makes public markets exciting. But the same discipline applies: deep fundamental research, industry analysis, and a focus on intrinsic value.”

Indrayan believes Indian equities remain one of the most compelling long-term opportunities for investors. “Many sectors in India are still early in their growth curve, with low penetration and massive room to scale. Combine that with strong moats and favorable tailwinds, and you have the ingredients for world-class compounders.”

He stresses patience and process over chasing quick wins. “Focus on quality, don’t be afraid of short-term volatility, and let time do the heavy lifting. First, develop a clear process—understand what quality means to you and how you’ll identify it. Second, be patient; compounding takes time. And finally, don’t underestimate the value of independent thinking—true opportunities often exist where consensus is wrong. Compounding is boring in the short run but extraordinary in the long run.”

Indrayan Ghosh is a New York-based finance professional who believes that long-term compounding is achieved through deep fundamental research and building a concentrated portfolio of quality companies. Born and raised in Mumbai, he started investing at 18, inspired by legends like Warren Buffett and Benjamin Graham. Indrayan holds an MBA from Columbia Business School. Outside work, he is an avid Himalayan trekker and advocate for financial literacy.

About

Indrayan Ghosh is a New York-based finance professional who believes that long-term compounding is achieved through deep fundamental research and building a concentrated portfolio of quality companies. Born and raised in Mumbai, he started investing at 18, inspired by legends like Warren Buffett and Benjamin Graham. Indrayan holds an MBA from Columbia Business School. Outside work, he is an avid Himalayan trekker and advocate for financial literacy.